South Korean fintech Toss, operated by Viva Republica, is gearing up for its first international venture by launching its “all-in-one” finance app in Australia before the end of 2025.
This move marks a significant step in the company’s plans to become a global fintech platform, with plans to expand into other markets while also preparing to issue a Korean won-pegged stablecoin once regulatory approval is secured.
Toss’s strategy highlights its vision to enhance financial services worldwide, building on its remarkable success in South Korea.
Since its inception in 2015, Toss has transformed the financial landscape in South Korea, amassing over 30 million users—more than half the country’s adult population.
The platform, often described as a “super app,” offers a seamless integration of services, including peer-to-peer payments, banking, insurance, and investment options.
This approach has allowed Toss to compete directly with traditional banks and financial institutions, proving that a startup can challenge established players.
Toss’s founder and CEO, Lee Seung-gun, has shared:
“We’ve shown in Korea that a fintech startup can hold its own against legacy institutions. We believe this model can succeed globally, especially in markets where consumers manage multiple financial accounts. Australia has been strategically chosen as Toss’s first overseas market due to its fragmented banking system and progressive open-banking regulations.”
The country’s Consumer Data Right (CDR) framework requires banks to share user data with approved third parties, enabling fintechs like Toss to create unified platforms that simplify financial management.
Additionally, Australia’s New Payments Platform (NPP) supports instant transfers and innovative payment features, aligning perfectly with Toss’s goal of delivering a frictionless user experience.
The company has established an Australian subsidiary and plans to roll out core services, such as peer-to-peer money transfers, by the end of 2025.
As first reported by Reuters, this launch will serve as a testing ground for Toss’s broader global aspirations, with Singapore positioned as a regional hub for further expansion.
Beyond its international ambitions, Toss is positioning itself at the forefront of digital currency innovation by planning to issue a Korean won-based stablecoin.
A stablecoin is a digital currency pegged to a stable asset, in this case, the Korean won, to minimize volatility.
CEO Lee expressed confidence in the initiative, stating:
“We will issue and distribute a won-based stablecoin—that’s certain.”
South Korea’s Financial Services Commission (FSC) is expected to introduce a regulatory framework for stablecoins by October 2025, paving the way for Toss and other players, including Kakao Bank and Kookmin Bank, to enter the market.
This development follows increased institutional interest in digital assets, spurred by South Korea’s crypto adoption and the government’s push for a crypto-friendly environment.
Toss’s strategy of global expansion and stablecoin issuance reflects its aim to bridge traditional finance and digital innovation.
In South Korea, the company is placed to lead the creation of a digitally native Korean won, leveraging its extensive user base and ongoing discussions with regulators to ensure compliance.
The potential market for won-based stablecoins is significant, with analysts estimating demand could reach ₩20 trillion ($14.7 billion) within three years, driven by applications in remittances, e-commerce, and digital banking.
However, Toss faces challenges, including competition from other South Korean banks and fintechs, navigating international regulations, and rebuilding trust in stablecoins following the 2022 collapse of Terra’s UST, which erased $40 billion in value. But many of these concerns appear to have been addressed, as indicated in the rise of stablecoin adoption globally.
As Toss prepares to launch in Australia, its success could validate the global applicability of its super app model.
By combining digital technology with user-centric financial services, Toss aims to improve how consumers interact with money worldwide.
With a valuation (reportedly) exceeding $7 billion and interest from global investors, Toss could make a significant impact, potentially setting the stage for a U.S. IPO in 2026.